Bally’s Corporation Expands Portfolio with Acquisition of Four Casinos
Bally’s Corporation has accepted an offer from its largest shareholder, Soo Kim’s Standard General, to merge and acquire the remaining unowned Bally’s shares for $18.25 per share. Soo Kim, who serves as the chairman of Bally’s, already owns over 26% of the company (BALY).
Shareholder Perspective
The accepted offer of $18.25 per share represents a 23.3% increase from the previous offer of $15 made on March 9.
Despite this increase, some shareholders might view the outcome with mixed feelings, considering Bally’s had previously turned down an offer from Standard General to take the company private at $38 per share in 2022.
Bally’s stock opened at $16.70 on Thursday, showing a 23.5% rise from Wednesday’s close, and is expected to approach the $18.25 purchase price until the deal’s closure, anticipated in the first half of next year.
New Casino Properties
Standard General, the owner of Queen Casino & Entertainment, will contribute four casino properties to Bally’s portfolio as part of the merger:
- Belle of Baton Rouge in Baton Rouge, Louisiana
- The Queen of Baton Rouge in Baton Rouge, Louisiana
- Casino Queen Marquette in Marquette, Iowa
- DraftKings at Casino Queen in St. Louis, Illinois
With this merger, Bally’s will own 19 land-based casinos and have partial ownership of a sports betting operator and supplier.
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